Stamp Duty Holiday Extension? - Boodle Hatfield

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29 Oct 2020

Stamp Duty Holiday Extension?

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Industry experts have written to the Chancellor urging an extension to the Stamp Duty holiday to avoid a collapse in transactions in the Spring.

It also begs the question about the timing of the upcoming 2% SDLT surcharge for overseas buyers due to come into effect from 1 April 2021. This surcharge will be in addition to the 3% surcharge for additional homes.

We’ll have to wait and see if the letter helps in the ever louder calls for an extension to the Stamp Duty holiday or, even, a delay to the surcharge for overseas buyers.

Some good news - according to HMRC data, for the first time this year the number of completions of residential property topped 100,000 in a month. This represents a 20% increase on what was an unusually busy August anyway.

A raft of property industry players have penned an open letter to Chancellor Rishi Sunak, entreating him to extend the Stamp Duty holiday for another six months, and taper the end to avoid a “cliff-edge” in market activity.

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